Mortgage approvals hit 18m low
Mortgage approvals from the banking sector have fallen to an 18-month low.
British Banking Association (BBA) high street banking statistics have revealed that house purchase approvals in November were 20% lower than a year before. In addition 36,717 mortgages were approved in November, the lowest for 18 months.
Richard Woolhouse, chief economist at the BBA, said: “The figures show quite a sharp chill to the housing market in recent months – with house purchase approvals during November 20% lower than a year before.
“It will be interesting to see what impact the Stamp Duty changes the Chancellor unveiled in his Autumn Statement will have early in the New Year. They could prove a modest stocking filler for homebuyers and estate agents.”